The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- The previous close was 6.4566
Strongest setting for CNY since the end of June. The mid-rate 340 points lower for USD/CNY (higher for CNY). A huge jump, the largest since November of last year.
PBOC injects 30bn yuan via 7-day reverse repos
10bn RRs mature today
thus a net 20bn injection in open market operations on the day
net 40bn yuan injection this week via OMOs
